ACTIVE

HUMAN WAVES

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Financial year 2025 · closed on 31/12/2025
Net result
-36,1 k €
-154.1% YoY
Gross margin
11,4 k €
-88.6% YoY
Equity
133 k €
-29.3% YoY

What does HUMAN WAVES do?

HUMAN WAVES is a Private limited company incorporated in 2012. Its main activity is: Research and experimental development on natural sciences and engineering. Its registered office is in Charleroi.

Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0846.710.228
Incorporation
20/06/2012
Legal form
Private limited company
Registered office
Avenue Georges Lemaitre 22
6041 Charleroi · WallonieSee on map
Contributed capital
125 000,00 €
Latest accounts
31/12/2025
Activities (NACE)
72101Research and experimental development on natural sciences and engineering· main72110Research and experimental development on biotechnology72200Research and experimental development on social sciences and humanities72200Research and experimental development on social sciences and humanities
Joint committees (2)
  • 200
  • 218
Signals
Solid equityLow riskGood liquidityPositive cashflowPositive EBITDA
View the BCE/KBO Public Search record →
Health score
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✦ Verdict · Analyst summary
Financials

Trend over 11 financial years

20252024202320222021201820172016201520142013
Income statement
Gross margin11,4 k €99,3 k €19,7 k €10,8 k €12 k €101,9 k €11,2 k €80,5 k €117,5 k €28,9 k €42 k €
EBITDA11 k €98,8 k €18,5 k €9,9 k €10,6 k €41,4 k €-36,2 k €12,7 k €56 k €-38 k €1,6 k €
Operating result-56,9 k €33,8 k €-40 k €-75,1 k €-93,5 k €-96,9 k €-151,7 k €-76,3 k €-23,2 k €-38,5 k €778,7 €
Net result-36,1 k €66,7 k €-6,9 k €-23,4 k €-9 k €32,5 k €-30,3 k €12,1 k €54,3 k €-40,4 k €1,6 k €
Balance sheet
Equity133 k €188 k €151,9 k €179,4 k €279,6 k €387,1 k €386,4 k €397,6 k €289,2 k €81,3 k €71,6 k €
Total assets171,6 k €204,8 k €257,5 k €278,8 k €409,5 k €534,7 k €519,7 k €481,2 k €323,7 k €360,6 k €193,5 k €
Cash35,6 k €35,4 k €40,4 k €41,8 k €89,5 k €39,2 k €124,5 k €89 k €158,9 k €247,4 k €141,6 k €
Debts38,6 k €16,8 k €105,6 k €99,4 k €129,8 k €147,6 k €133,2 k €83,6 k €34,5 k €279,2 k €121,6 k €
Other
Workforce––––––––1,2 ETP1,3 ETP1,3 ETP
Estimate

Indicative valuation

As an indication, this company is worth

between 250 k€ and 500 k€
See the valuation
Governance

Board of directors

Seen on filing of 31/12/2025 · 7 active · 8 ended

Active mandates

Anne-Marie Clarinval

Director · since 23 décembre 2023

Active
Annie Pierard

Director · since 23 décembre 2023

Active
Dan Bernard

Director · since 23 décembre 2023

Active
Dominique Ristori

Director · since 23 décembre 2023

Active
Guy Chéron

Director · since 23 décembre 2023

Active
Paul Verbanck

Director · since 23 décembre 2023

Active
Roland GILLEBERTUS

Director · since 23 décembre 2023

Active

Ended mandates

ANNE MARIE CLARINVAL

Managing director · since 20 juin 2012

Ended
Anne-Marie Clarinval

Managing director · since 20 juin 2012

Ended
Dan Bernard

Director · since 20 juin 2012

Ended
Guy CHERON

Managing director · since 20 juin 2012

Ended
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Annual accounts

Full financial information

202520242023202220212020
Type of accountMicro modelMicro modelMicro modelMicro modelMicro modelMicro model
Start of the financial year01/01/202501/01/202401/01/202301/01/202201/01/202101/01/2020
Closing of the financial year31/12/202531/12/202431/12/202331/12/202231/12/202131/12/2020
Length of the financial year12 months12 months12 months12 months12 months12 months
Filing date30/07/202604/09/202528/08/202418/07/202318/07/202228/09/2021
General meeting08/06/202631/07/202527/08/202430/06/202328/06/202217/09/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls
Ratios

Financial ratios

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Filings

Annual accounts filings

13 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Micro model31/12/202508/06/202630/07/2026FrenchPDF
Micro model31/12/202431/07/202504/09/2025FrenchPDF
Micro model31/12/202327/08/202428/08/2024FrenchPDF
Micro model31/12/202230/06/202318/07/2023FrenchPDF
Micro model31/12/202128/06/202218/07/2022FrenchPDF
Micro model31/12/202017/09/202128/09/2021FrenchPDF
Micro model31/12/201928/09/202005/10/2020FrenchPDF
Micro model31/12/201820/08/201927/08/2019FrenchPDF
Micro model31/12/201704/07/201816/07/2018FrenchPDF
Micro model31/12/201604/07/201714/07/2017FrenchPDF
Abridged model31/12/201524/08/201629/08/2016FrenchPDF
Abridged model31/12/201427/08/201531/08/2015FrenchPDF
Abridged model31/12/201302/06/201429/08/2014FrenchPDF
Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 250 k€ and 500 k€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan
Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 7 active · 8 ended

Active mandates

Anne-Marie Clarinval

Director · since 23 décembre 2023

Active
Annie Pierard

Director · since 23 décembre 2023

Active
Dan Bernard

Director · since 23 décembre 2023

Active
Dominique Ristori

Director · since 23 décembre 2023

Active
Guy Chéron

Director · since 23 décembre 2023

Active
Paul Verbanck

Director · since 23 décembre 2023

Active
Roland GILLEBERTUS

Director · since 23 décembre 2023

Active

Ended mandates

ANNE MARIE CLARINVAL

Managing director · since 20 juin 2012

Ended
Anne-Marie Clarinval

Managing director · since 20 juin 2012

Ended
Dan Bernard

Director · since 20 juin 2012

Ended
Guy CHERON

Managing director · since 20 juin 2012

Ended
Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

  • Mandates05/02/2024
    STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, …) - MODIFICATION FORME JURIDIQUE - OBJET - DEMISSIONS, NOMINATIONS
    PDF
  • Other29/06/2012
    RUBRIQUE CONSTITUTION (NOUVELLE PERSONNE MORALE, OUVERTURE SUCCURSALE, ETC...)
    PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

Timeline

  1. 2025
    Annual accounts 2025-36,1 k €↓
  2. 2024
    Annual accounts 202466,7 k €↑
  3. 2023
    Annual accounts 2023-6,9 k €↑
  4. 2022
    Annual accounts 2022-23,4 k €↓
  5. 2021
    Annual accounts 2021-9 k €↓
  6. 2018
    Annual accounts 201832,5 k €↑
  7. 2017
    Annual accounts 2017-30,3 k €↓
  8. 2016
    Annual accounts 201612,1 k €↓
  9. 2015
    Annual accounts 201554,3 k €↑
  10. 2014
    Annual accounts 2014-40,4 k €↓
  11. 2013
    Annual accounts 20131,6 k €
  12. 20/06/2012
    IncorporationPrivate limited company